ASX ANNOUNCEMENT Date: 4 August 2017 Number: 531/ PDF

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ASX ANNOUNCEMENT Date: 4 August 2017 Number: 531/ THICK WIDTHS OF VISIBLE SILVER AND BASE METAL VEINS IN THE FIRST TWO DIAMOND HOLES AT SILICA HILL; ASSAYS FOR GOLD AND ALL METALS PENDING 116 metre thick zone of veins in Hole 63: upper silver rich zone and lower base metal and silver rich zone. Represent first indications of the anticipated high grade feeder zones to the Silica Hill system that may extend for up to one kilometre to the north east. 90 metre thick zone of veins in Hole 61: upper silver rich zone and lower molybedenum zone. True width estimated to be at least 40 metres thick. All indications of mineralisation are either visual or by handheld XRF. Gold and all other assays expected in three to five weeks. The first two follow up diamond drill holes at Impact Minerals Limited (ASX:IPT) emerging high grade gold-silver discovery at the Silica Hill Prospect, part of the company s 100% owned Commonwealth Project 100 km north of Orange in New South Wales, have returned thick widths of stockwork and narrow veins spaced 30 cm to 50 cm apart that contain extensive visible silver minerals and zinc, lead and copper sulphides. Investors should note that the nature and extent of these minerals have been estimated visually and with a hand held XRF instrument. The XRF instrument is not capable of detecting gold however previous results indicate that gold is likely to be present in places. Assays are expected in 3 to 5 weeks. Hole CMIPT063 tested a modest north east extension of the mineralised zone and returned a 116 metre thick zone of veins from 57 metres down hole comprising a lower 70 metre thick zone of silver and base metal-rich veins and an upper 40 metre thick zone of silver-rich veins. Figure 1. High grade feeder vein at metres depth in Hole 63 containing exceptional silver grades and high grade zinc, lead and copper with accessory molybdenum, antimony, tin and bismuth. 26 Richardson Street West Perth Western Australia 6005 Tel +61 (8) Facsimile +61 (8) The lower zone comprises veins of zinc, lead and copper sulphides that are up to a few centimetres thick and spaced every 50 cm to 1 metre down hole. There are thicker veins up to 20 cm thick in places (Figure 1). These veins, although narrow, contain high grades of zinc and lead (up to 20%), good grades of copper (up to 2%) and very high to exceptional grades of silver (commonly in the hundreds of grams and up to 7,000 g/t silver). Accessory metals such as molybdenum, antimony, tin, bismuth and arsenic are also present in measurable amounts. The nature of the veins and the unique metal assemblage are interpreted to be characteristic of the edges of a high grade feeder zone to the large mineralised system at Silica Hill. This is the first indication of this type of feeder vein at Silica Hill and which were postulated to be present in a previous announcement by Impact (ASX announcement 6 June 2017). The feeder zone is interpreted to possibly extend for a further 1,000 metres to the north east (Figure 2). Current Drill Programme Figure 2. Overview of the Commonwealth-Silica Hill area showing interpreted feeder zone in green. Such feeder zones occur within gold-rich volcanogenic massive sulphide deposits (gold-rich VMS), a class of deposit only recognised within the past 20 years and which the Commonwealth-Silica Hill mineralisation is interpreted to belong to. The type-deposit of the gold-rich VMS systems is the well known Eskay Creek deposit in British Columbia, Canada which was mined mostly during the early 2000 s and contained over 4 million ounces of gold and 180 million ounces of silver in numerous very gold and silver-rich ore shoots over a vertical extent of at least 700 metres (see ASX announcement 9 May 2017). The upper silver rich zone in Hole CMIPT063 comprises veins of pyrite-arsenopyrite sulphide up to 5 cm thick that occur individually or as stockworks of veins in zones up to 25 cm thick and spaced every 30 cm or so down hole (Figure 3). The veins commonly contain high grades of up to 600 g/t silver. Figure 3. Quartz-pyrite-arsenopyrite-silver vein and stockwork from 77 m depth in Hole 63. In addition the wallrock is mineralised in a few places places and is flooded with so called ruby silver minerals (proustite and pyrargyrite) which have exceptionally high grades of silver of in excess of 10,000 g/t silver (Figure 4). Native silver may also be present (and as seen in previous drill holes). Figure 4. Extensive christmas tree of ruby silver minerals adjacent to sulphide vein. Diamond drill hole CMIPT061 was drilled to test the north west extension of mineralisation and has intersected a 90 metre thick zone comprising an upper 30 metre thick zone of silver rich veins and a lower 60 metre thick zone of 50 ppm to 200 ppm molybdenum that occurs in narrow fractures and as fine grained disseminations in the rhyolite host rock. The upper silver rich quartz veins also contain visible ruby silver minerals in places (Figure 5). Figure 5. Quartz-ruby silver vein with pyrite and arsenopyrite from 55 m depth in Hole 61. The location of Holes 61 and 63 are shown in Figure 6 and demonstrate the emerging discovery at Silica Hill. A further diamond drill hole is in progress to further test the north eastern extension of the mineralisation. Figure 6. Drill hole location Plan, Silica Hill Prospect. Progress of Drill Programme In addition to the diamond drill rig, a small track mounted RC drill rig was also in use. However the rig failed to perform to standard with significant deviations encountered in the drilling direction and accordingly the operator has been dismissed. The intricate stockwork nature of the vein systems at Silica Hill have many different orientations. This dictates that the majority of the follow up drill programme will require diamond drilling in order to accurately map out this unique and exciting mineral system and to define a resource. A resource drill-out at Silica Hill has the potential to significantly expand the high grade gold-silverzinc-lead-copper resources already defined at the Commonwealth Project which stand at an Inferred Resource of 720,000 tonnes at 2.8 g/t gold, 48 g/t silver, 1.5% zinc and 0.6% lead (4.5 g/t gold equivalent for 110,000 gold equivalent ounces). Within this resource is a massive sulphide lens about 50 metres by 50 metres by about 8 metres thick in size which has an Inferred Resource of 145,000 tonnes at 4.5 g/t gold, 4.8% zinc, 1.7% lead and 0.2% copper (10 g/t gold equivalent for 47,000 gold equivalent ounces; Figures 2 and 6 and see announcement 19 February 2015). Dr Michael G Jones Managing Director The review of exploration activities and results contained in this report is based on information compiled by Dr Mike Jones, a Member of the Australian Institute of Geoscientists. He is a director of the company and works for Impact Minerals Limited. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Dr Jones has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears. Impact Minerals confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements referred to and in the case of mineral resource estimates, that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The relevant announcements for this report are listed below and also contain the relevant Table outlining the JORC requirements. Silica Hill and Commonwealth continue to expand 22 February Drilling commences at Silica Hill gold-silver discovery near Orange in NSW 5 December Maiden High Grade Resource at Commonwealth 19 February 2015. APPENDIX 1 - SECTION 1 SAMPLING TECHNIQUES AND DATA Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used Rock chip samples Random grab samples were taken at surface which represented favourable geology and alteration to known mineralisation in the region. Samples are variably weathered. Soil Samples About 250g of soil was taken from 15-20cm below surface and sieved to - 2mm size. Samples put in plastic snap seal bags. Samples were subsequently sieved to -250 micron at SGS Laboratories for assay by aqua regia digest. RC Drilling Reverse Circulation (RC) percussion drilling was used to produce a 1m bulk sample (~25kg) which was collected in plastic bags and representative 1m split samples (12.5%, or nominally 3kg) were collected using a riffle splitter and placed in a calico bag. The cyclone was cleaned out with compressed air at the end of each hole and periodically during the drilling. Holes were drilled to optimally intercept interpreted mineralised zones. Diamond Drilling Diamond drilling was used to produce drill core either with a diameter of 63.5 mm (HQ) or 47.6 mm (NQ). Rock chip samples Representative samples at each sample site weigh between 0.8 and 1.2 kg. Sample sites were chosen due to historic rock and soil assay results and the geophysical surveys conducted on the Commonwealth Project. Historic rock sample methods are unknown but are considered immaterial. Soil Samples and Drill Samples Sample representivity was ensured by a combination of Company Procedures regarding quality control (QC) and quality assurance / testing (QA). Examples of QC include (but are not limited to), daily workplace and equipment inspections, as well as drilling and sampling procedures. Examples of QA include (but are not limited to) collection of field duplicates, the use of certified standards and blank samples approximately every 50 samples Criteria JORC Code explanation Commentary Drilling techniques Drill sample recovery Logging Aspects of the determination of mineralisation that are Material to the Public Report. In cases where industry standard work has been done this would be relatively simple (e.g. reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay ). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc). Method of recording and assessing core and chip sample recoveries and results assessed Measures taken to maximise sample recovery and ensure representative nature of the samples Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Rock chip samples Rock samples were sent to SGS Perth where they were crushed, dried and pulverised (total prep) to produce a g subsamples for analysis initially by Aqua Regia digest with ICP-MS finish for base metals then by four acid digest with an ICP/AES finish for ore grade base metal samples and lead collection fire assay with AAS finish for gold. Soil Samples Soil samples were sent to ACME Laboratories in Vancouver for analysis by aqua regia digest or to SGS Laboratories in Perth for analysis by the MMI digest. RC and diamond drill samples RC samples and cut samples of core were submitted to ALS in Orange, NSW. Laboratory sample preparation involved: sample crushed to 70% less than 2mm, riffle/rotary split off 1 kg, pulverise split to 85% passing 75 microns. RC samples analysed by MEICP41 or MEOG46 for ore grade samples, aqua region digest with ICP OES analysis and AA24 fire assay with AAS finish. Historical diamond and RC samples were sent to Fox Anamet, Brookvale NSW where gold was determined by fire assay, base metals by DCP and AAS methods. Weathered samples contained gossanous sulphide material and fresh samples containing visible pyrite, galena, sphalerite and chalcopyrite. Diamond drilling accounts for about 50 % of the drilling and comprises NQ (47.6 mm diameter) and HQ (63.5 mm diameter) sized core. Impact diamond core is triple tube and is oriented. Historical diamond core was not oriented. RC drilling accounts for about 50% of the drilling and comprises 4 inch hammer. Diamond core recoveries for all holes are logged and recorded. Recoveries are estimated to be approximately 97% for the Commonwealth Project. No significant core loss or sample recovery problems are observed in the drill core or historic reports. RC samples were visually checked for recovery, moisture and contamination. Diamond core is reconstructed into continuous runs on an angle iron cradle for orientation marking. Depths are checked against the depth given on the core blocks and rod counts are routinely carried out by the driller. The RC samples are collected by plastic bag directly from the rig-mounted cyclone and laid directly on the ground in rows of 10. The drill cyclone and sample buckets are cleaned between rod-changes and after each hole to minimise down-hole and/or cross contamination. No sample bias has been established. Geological logging of samples followed company and industry common practice. Qualitative logging of samples included (but not limited to); lithology, mineralogy, alteration, veining and weathering. Diamond core logging included additional fields such as structure and geotechnical parameters. Magnetic Susceptibility measurements were taken for each 1m RC sample and each 1m diamond core interval. For diamond core, information on structure type, dip, dip direction, texture, shape and fill material has been recorded in the logs. RQD data has been recorded on selected diamond holes. Handheld XRF analysis was completed at 50 cm and 1 m intervals on diamond core and for every metre for RC samples. Criteria JORC Code explanation Commentary Sub-sampling techniques and sample preparation Quality of assay data and laboratory tests Verification of sampling and assaying Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. The verification of significant intersections by either independent or alternative company personnel. All logging is quantitative, based on visual field estimates. Systematic photography of the diamond core in the wet and dry form was completed. Chip trays with representative 1m RC samples were collected and photographed then stored for future reference. All diamond drill holes were logged in full. All RC chips samples were geologically logged by Impact s on-site geologist on a 1m basis, with digital capture in the field. Detailed diamond core logging, with digital capture was conducted for 100% of the core by Impact s on-site geologist. All core samples were sampled by half core. Selected intervals of quarter core will be selected for check assays if required. RC samples were split using a riffle splitter. Company procedures were followed to ensure sub-sampling adequacy and consistency. These included (but were not limited to), daily work place inspections of sampling equipment and practices, as well as sub-sample duplicates ( field duplicates ). Laboratory QC procedures for rock sample assays involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates. The QC procedure for historical diamond and RC samples is unknown but considered immaterial. Sample duplicates from the historical drilling were taken from selected intervals and compared to the original assay. Quarter core was taken for diamond samples and riffle resplits for RC samples. The samples sizes at Commonwealth are considered appropriate since gold has been identified as predominantly fine-grained by thin section analysis which would indicate the nugget effect is minimal. An industry standard fire assay technique for samples using lead collection with an Atomic Absorption Spectrometry (AAS) finish was used for gold and aqua regia digest for base metals and silver. The quality of historical drill sample assays is unknown, however this is considered immaterial at this stage of exploration. No geophysical tools were used to determine material element concentrations. A handheld XRF was used for qualitative analysis only. For the rock chips, quality control procedures for assays were followed via internal laboratory protocols. Accuracy and precision are within acceptable limits. The quality control of historical drill sample assays is unknown, however this is considered immaterial at this stage of exploration. Significant intersections from drilling have not been verified by independent or alternative companies. This is not required at this stage of exploration. Criteria JORC Code explanation Commentary Location of data points The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Two twin diamond holes versus historic RC holes have been drilled at Commonwealth South and Main Shaft. Primary assay data for rock chips has been entered into standard Excel templates for plotting in Mapinfo and Target. All historical drill data has been entered digitally by previous explorers and verified internally by Impact. No significant adjustments have been required. Recent drill holes have been located by DGPS. Historical drill holes and mine shafts have been verified by DGPS. Specification of t
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